Singapore Power, the country`s electricity and gas provider, has announced a collaborative deal with other global energy companies to develop commercial blockchain solutions for its customers.

Last Thuesday, SP Group (SP) announced that it will work with the Energy Web Foundation (EWF) and utilities. Some of its members are Central PLC, Engie, Royal Dutch Shell and others. Together they are said to identify, develop, pilot and integrate promising blockchain applications, as the company`s press release (available here) stated.

“Blockchain technology can transform the energy sector by lowering transaction costs thus reducing the cost of utility bills. For consumers, it allows energy devices (i.e. HVAC (heating, ventilation and air conditioning) systems, electric vehicles, batteries and solar photovoltaic (PV) installations) to transact with each other, while supporting utilities and grid operators to integrate more renewable sources at a much lower cost. The unique attributes of Blockchain technology could also provide much higher levels of cybersecurity for the industry”, elaborated the official statement of SP Group.

“We are working towards transformational solutions to serve customers better, as we transition towards a cleaner, more resilient and cost-effective energy future.”, as strategic development director at SP Group, May Liew, said in a notable quote that appeared in the press release and in cryptocoinnews.com.

It remains to be seen how the newly established collaborative project will change the electric grid in Singapore.